BSP tightens crackdown vs money counterfeiters

The Bangko Sentral ng Pilipinas (BSP) has intensified its anti-counterfeiting operations, leading to the confiscation of more than P35 million worth of fake banknotes since 2010.

The BSP has filed 194 cases related to counterfeiting since 2010. Around 78 of these cases have been resolved, with 76 cases or 97.4 percent resulting in the conviction of the accused.

“To protect and promote the integrity of Philippine currency, the BSP conducts joint anti-counterfeiting operations with law enforcement agencies, such as the Criminal Investigation and Detection Group, the primary investigation arm of the Philippine National Police,” the central bank said.

The BSP has been stepping up its anti-counterfeiting operations over the past few years. Since 2010, it has conducted 129 anti-counterfeiting operations that led to the apprehension of 212 suspects.

These operations led to the confiscation of more than 46,100 pieces of counterfeit Philippine banknotes worth P35.427 million.

The BSP continues to encourage the public to report any information on currency counterfeiting to the nearest police station or law enforcement agency for appropriate action.

The central bank has the sole authority to issue coins and banknotes for circulation in the Philippines.

Under Republic Act 10951, counterfeiters of Philippine currency are subject to the penalty of imprisonment of at least 12 years and one day, as well as a fine not exceeding P2 million.

The BSP also helped out in a recent case involving an individual named Allan Gacasan, who was sentenced to prison for illegal possession and use of fake banknotes.

Gacasan was arrested by the PNP-CIDG in a buy-bust operation in Bukidnon on Nov. 10, 2018. He was caught in possession of 100 pieces of fake P1,000 bills and 25 pieces of fake P500 bills. These bills were confirmed to be counterfeit by the BSP.

The Regional Trial Court convicted Gacasan under Article 168 of the Revised Penal Code, as amended. The Court of Appeals affirmed the conviction, but he then appealed the decision before the Supreme Court .

Gacasan claimed that there was no valid buy-bust operation and that he was a victim of a frame-up. The SC rejected his arguments, asserting the absence of admissible evidence for a criminal conviction. –